All Forum Posts by: Rebecca Rodriguez

Investment Info:

Mobile home buy & hold investment in Burkburnett.

Bought from slum lords, neither I or my business partner had any clue of what we were getting into. 45 spaces with 21% occupancy - wow on every single level is all I can say. We are actually under contract right now to close this deal and have a new buyer, much more experienced in the mobile home space take it from here. Be prepared to invest lots of capex. Make sure your business model makes sense. If you want details - that is through a phone call or email. Thanks for reading this far.

What made you interested in investing in this type of deal?

To impact, maintain affordable housing. Renting dirt makes sense.

How did you find this deal and how did you negotiate it?

Direct Mail. Paid the asking price.

How did you finance this deal?

Conventional.

How did you add value to the deal?

doubled occupancy.

Lessons learned? Challenges?

So many to list: Make sure your partnership goals are clear. Pivot quickly. Learn fast. Trust YET verify.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Sunstone Real Estate Advisors

Investment Info:

Mobile home buy & hold investment in Burkburnett.

Bought from slum lords, neither I or my business partner had any clue of what we were getting into. 45 spaces with 21% occupancy - wow on every single level is all I can say. We are actually under contract right now to close this deal and have a new buyer, much more experienced in the mobile home space take it from here. My words of advice for anyone entertaining the thought of getting into the MH space. Yes, absolutely do it - especially if impacting the affordable home space is on your radar. Be prepared to invest lots of capital and make sure your business model makes sense. There are huge companies out there crushing it with 500 spaces in ONE park, bringing in $300k/monthly via lot rents. Then there are others who are floundering, not really making the most of the situation. Unfortunately, that is the situation I found myself in through a partnership.  Thanks for reading this far.

Thanks @Wale Lawal.  Yes, done right RE is exciting, fun and profitable.

Airbnb.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $30,000
Cash invested: $30,000
Sale price: $109,000

Purchased this REO that was a hidden gem on a corner lot. First renters stayed the entire time; didn't want to buy so they moved on and I got it ready to sell. This was a great experience.

What made you interested in investing in this type of deal?

Inexpensive investment - great starter home.

How did you find this deal and how did you negotiate it?

Scouring the MLS. Since it was an REO and well priced , I didn't negotiate price.

How did you finance this deal?

Cash!

How did you add value to the deal?

cosmetic mianly, I also added insulation, upgraded the windows.

What was the outcome?

More than tripled the investment and that is not even counting all the rent money received during those six years.

Lessons learned? Challenges?

If you suspect renters are taking good care of your house - follow your gut. My tenants lived in my house for six years and 98% of the time paid like clockwork. When they started getting behind I did a site visit and told them flat out, that they were taking care of my house. I put them on a plan and followed up with them. It still ended up that I asked them to leave, but their rent payments paid for the house many times over.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

n/a

Yes, you should consider it.  MHs have gained the reputation of affordable housing.  

Would anyone be able to recommend a title company that has experience with mobile home parks located in Texas?  We are in Houston and the park we are moving forward on is in North Texas.

Hi Steve,

Here we  are not quite a year later and I find myself where you were last October.  Would you be willing to share an update on where your journey has taken you?  Any words of advice for someone who is about to click on the link that Jeff S. from California shared way back when?

Hi everyone.  Have heard a lot of great things about BP through RD Education and glad to finally have joined.

Interested in creating wealth through buy / hold strategies and wholesaling.  Hopefully by the beginning of next year I will be open to partnering.  

I try to spend summers in Colorado, so am interested in making connections there as well.